KEPUTUSAN STRUKTUR MODAL, TINGKAT PRODUKTIVITAS DAN PROFITABILITAS,SERTA NILAI PERUSAHAAN (Kajian Atas Perspektif Teori Dasar Struktur Modal)

Muhamad Umar Mai

Abstract


Abstract
The purpose of this study is to investigate and analyze: First, the effect of capital structure decisions towards the level of productivity of firm. Second, the effect of capital structure decisions and the level of productivity towards the company's profitability. Third, the effect of capital structure decisions and profitability towards achievements of the value of firm. This study conducted at the manufacturing companies went public in the Indonesia Stock Exchange, with the observation period from 2010 to 2012.The results showed that the use of debt in the capital structure of firm is proxied total debt to total assets ratio (leverage) when controlled properly in the sense of caution or care, it will have a positive impact to the profitability proxy return on equity and value of the firm. is proxied price to book value. However, manufacturing firms are profitable in the period 2010 to 2012 in the Indonesia Stock Exchange has a strong tendency to reduce the portion of debt in their capital structure.
Keywords: Capital structure, leverage and debt-to-equity ratio, Productivity, total assets turnover; Profitability, return on investment; Value of the firm, price to book value.

Abstrak
Tujuan penelitian ini adalah untuk mengetahui dan menganalisis: Pertama, pengaruh keputusan struktur modal terhadap tingkat produktivitas perusahaan. Kedua, pengaruh keputusan struktur modal dan tingkat produktivitas terhadap profitabilitas perusahaan. Ketiga, pengaruh keputusan struktur modal dan profitabilitas terhadap capaian nilai perusahaan. Penelitian ini dilakukan pada perusahaan-perusahaan manufaktur go public di Bursa Efek Indonesia (BEI), dengan periode pengamatan mulai tahun 2010 sampai dengan tahun 2012.Hasil penelitian menunjukkan bahwa penggunaan utang dalam struktur modal perusahaan yang diproksi total debt to total assets ratio (leverage)apabila dikendalikan dengan benar dalam arti hati-hati atau cermat, maka akan berdampak positif terhadap peningkatan profitabilitas diproksi return on equity dan nilai perusahaan diproksi price to book value.Namun demikian, perusahaan-perusahaan manufaktur yang profitable di BEI periode 2010-2012 mempunyai kecenderungan kuat untuk mengurangi porsi utang dalam struktur modalnya.
Kata Kunci:Struktur modal, leverage dan debt to equity ratio;Produktivitas, total assets turn over; Profitabilitas, return on invesment; Nilai perusahaan, price to book value.

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